I've made a grotesque error. Can anyone give me advice.

[LaurieFairyCake]

Through a series of misunderstandings and an invoice that wasn't quite the same as another my conservatory is twice as much as I thought it would be.

We just borrowed 10k last month to pay for it and now have to borrow 15k more - does anyone know if it's possible to have two lomas close together? The first one was just a personal loan but would be happy to make the second a homeowner one secured on the house.

I've already thrown up today at the misunderstanding. Shitting fuck.

I think a secured loan would be the best way anyway - wouldn't going for a remortgage now be an issue if it's half built? Is there more chance of getting a secured loan than an unsecured loan - if so I want to apply for 15k right now and not wait for a remortgage. - our mortgage company take ages to do anything.

We have 35 k equity in the property - mortgage of 214, house worth 250.

You'll most likely be auto declined for a loan so close tothe others, even a secured loan. A loan for £10k one month and £15k the next suggest serious money problems, and it's a big risk.

Remortgaging is the only viable option here, especially if you instruct the bank to pay off the old loan with the new money. It might be slower than you want, but if you apply and get declined for a secured loan, you might find that you can't get a remortgage either.

That quote is very misleading. How big is the conservatory? I know it doesnt help but you could probably build a 2 story extension for that amount. Are you absolutely sure he's not ripping you off? Much sympathy

We had quotes (multiple) for 2 storey extensions and they are 80k - southeast so very expensive for building work.

Crikey. 12k is a lot for groundworks unless you've had to re route pipes and drains and had underfloor heating etc etc etc.

Sorry tobe the bearer of bad news but you have slim chance of getting a £25k loan against the house with such little equity.

Don't forget that the works will add value to the property though.

The 10k we've spent on converting the garage has easily added that as others in the street have done it and they are more expensive.

A 25k conservatory/extension will improve the value too.

Can I just say that if we thought it was 28k including VAT and not 15,600 including VAT we wouldn't be doing it at all! We would happily have stopped at the garage conversion.

Can you remember the actual conversation with the builder before he put the order on hold. I'm really sympathetic and dont want to come across as patronising but just maybe you've made a mistake and it is ' only' 13k in total. Perhaps panicked when you saw the other figure .

I just googled a 4 x 4 luxury finish victorian conservatory with glass, in south east and it was 16k

Definitely on the same page with the builder now Delgirl

It really is 13k just for the glass - it's a glass roof, 3 doors, two big windows, 2 'cheeses' of glass above the brick walls, it's 15 feet by 12 feet.

Definitely more of an orangerie/extension than an ordinary conservatory - it has 10 foot walls either end and almost a metre wall at the front so it's very substantial.

Don't rush into any decisions. Put a hold in things and look at it again with fresh eyes. You clearly didn't set out to have a 25k conservatory so don't be bumped into having one. Let the dust settle, ask the builder why it's so expensive and perhaps get some other like for like quotes.

I did something similar with my first ever biggish job on my house in my twenties, I had a real back of envelope figure, and the builder by his own admission had put the comma in the wrong place! What I thought was hundreds the builder was expecting thousands. Luckily this came to light on the morning of day 1. I called my Dad in panic, and he very calmly told me to send them home, bless him. Day 2 never can and in the end me and my Dad got our hands dirty for a few weeks and did most of the job ourselves. But I know how your stomach feels. Good luck

I had 3 quotes - they were all above 22k, one was 45k.

Next door has a teeny Wickes conservatory and it was 5k, very minimal brickwork, very little digging out. We're on a hill so had to have a digger and we have very deep footings to support the enormous glass roof.

So I thought at 3 times the cost of next door we were getting a good deal. Not so much now.

Damn! Sorry not to have been more help.

Anyone know if we put a hold on it if the brickwork and footings will get damaged?

It will be a terrible eyesore though.

Also I will then be asking people for quotes on just glass and fittings as the groundwork and walls are done - would anyone really want to quote?

I would think unlikely as builders dont usually like taking over but then again, what do I know ;)

Could you ask the builder if there's any way he can bring the cost down? Would a 'proper' roof be cheaper than glass for instance?

I'd rather live with an eyesore than a debt I think.

I'm no expert - but would assume that bricks left exposed that are rained on and then subject to freezing temperatures might be damaged. I would also assume they could be fairly easily protected from that.

There may be a possible deal with a mortgage provider. You say, house worth 250, but is that 260 now with the garage? And potentially 285 with the conservatory? So the equity is a bit better. You might get a mortgage where they will pay out once the works are finished. The builder gets the 10k upfront but no more till its done. When it's done, the lender pays 15k t you and 10k direct to the loan.

Otherwise, could your parents remortgage (if they own a house) and lend it to you and you repay them when you move or the house goes up enough? (With you paying the interest and repayments, obviously).

There is no one else to lend us the money.

Yes, I imagine that it will be worth 290 plus with the extension. We paid a few grand to clear the garden - it was massively detracting from the house as it was like Narnia with extra trees and you couldn't go in it.

How are things going, OP? You may have difficulty getting a re-mortgage or secured loan against the future value of your home....we remortgaged last year to extend and could only borrow against the current value of our home. Your LTV looks tight from your comments upthread - I fear this is going to be harder than first thought. As I said in my earlier post, you will probably be automatically declined for a second loan - too much lending and credit scores in close succession. I'd be wary of trying too as another credit search done will affect your chances of a remortgage.

Keep us posted, am happy to help with further advice if need be

Our next door neighbours now have a patio that is concrete foundations with a fun wall around it. They have put plants all round the wall and it looks surprisingly bearable!

(It turns out that our soil is apparently off the scale awful so super duper off the scale expensive foundations are needed at a cost of 4 times the budget. I think they are trying to save up!)

I can't see it being a problem I your credit rating is ok... I you haven't spent the £10k could you speak to the bank and ask them to take it back and have &25 k on better / longer terms?